{
  "id": 13400513,
  "title": "EU’s Irish presidency wants 8% cut to proposed 2028-2034 budget plan",
  "url": "https://urgent.news/2026/10/10/eus-irish-presidency-wants-8-cut-to-proposed-2028-2034-budget-plan",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-10T11:18:21.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/stock-market-news/eus-irish-presidency-wants-8-cut-to-proposed-20282034-budget-plan-4942084"
  },
  "original_language": "en",
  "account": "The European Union's Irish presidency has proposed an 8% reduction in the budget plan for the period 2028 to 2034, as compared to the European Commission's initial €2 trillion suggestion. This reduction would result in a budget of €1.6 trillion. The proposal, however, is likely to face considerable negotiation among EU nations in the upcoming months. The proposed budget is still 30% higher than the current budget, which spans from 2021 to 2027, and will likely encounter resistance from countries such as Germany that wish to maintain strict control over spending. The EU budget serves as the primary source of funding for all of the 27-country bloc's primary policies. The European Commission, the EU's executive branch, has stated that the bloc will need to allocate more resources to defense and enhance Europe's competitiveness, while certain EU countries aim to preserve the majority of funds for existing policies aimed at supporting agriculture and regional development. The Irish presidency, currently holding the EU's six-month rotating presidency, estimates that the Commission's original €2 trillion figure would equate to €1.76 trillion at 2025 prices, leading to an 8% decrease. The proposal includes a 3% cut in spending on regional development, agriculture, and fisheries, as well as a 13% reduction in funds allocated to competitiveness, prosperity, and security. Additionally, it proposes €55 billion in new financing options, including customs duties and selling CO2 emissions permits to companies. EU leaders are set to discuss the Irish proposal in Brussels on October 15-16. The EU budget, known as the Multiannual Financial Framework, requires approval from all 27 member states. While countries like Germany, the Netherlands, and the Nordic nations advocate for budget reductions, others such as Spain, Italy, and Poland prefer to safeguard expenditure.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}